ICICI Bank is introducing significant changes to its credit cards, including caps on rewards, fees, and other benefits. Here’s a breakdown of what’s changing across various ICICI Bank Credit Card
1. Utility/Insurance Spends:
- Capped at ₹80K for Rubyx, Sapphiro, and Emeralde.
- Capped at ₹40K for Platinum and Coral cards.
2. Grocery Spends:
- Reward points capped at ₹40K/month for Rubyx and Sapphiro.
- Capped at ₹20K for other cards.
3. Fuel Surcharge Waiver:
- Available up to ₹50K/month for most cards.
- Emeralde cards have an increased cap of ₹100K/month.
4. Spa Access:
- Discontinued for Sapphiro and Emeralde cards.
5. Spend Exclusions for Fee Reversals:
- Rent, Government, and Education spends will no longer count towards the spend threshold for annual fee reversals.
6. Annual Fee Reversal:
- Threshold reduced to ₹10L/year for Emeralde cards.
7. Additional Fees:
- 1% fee on education payments made via third-party apps, utility payments exceeding ₹50K, and fuel transactions above ₹10K.
8. Supplementary Card Fee:
- ₹199 annual fee for supplementary cards.
9. Late Payment Charges:
- Revised structure based on outstanding balance (more details to come).
10. Domestic Lounge Access:
- Complimentary lounge access is now granted with ₹75K spent in the previous quarter.
11. Revolving Credit Charges:
- Increased to 3.75% per month (45% annually).
12. Forex Mark-Up:
- For Emeralde cards, the mark-up has increased to 2%.
These changes could impact how you manage your credit card usage, particularly in maximizing rewards and avoiding fees. Make sure to adjust your spending habits accordingly to get the most out of your ICICI credit card!